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Oil achieves gains for the third week.. Brent crosses the $85 mark
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Oil prices closed little changed yesterday, Thursday, but recorded gains for the third week in a row, as markets oscillated between further production cuts targeted by OPEC + and falling US oil inventories on the one hand, and concerns about the global economic outlook on the other .
Brent crude closed up 13 cents, or 0.2%, to $85.12 a barrel, while US West Texas Intermediate crude closed up nine cents, or 0.1%, to settle at $80.70.
The two benchmarks jumped more than 6% this week after OPEC +, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, surprised the market on Sunday with pledges to cut production .
Hedge funds have been buying crude all week, returning to a "risk on" mode, said Dennis Kessler, senior vice president of trading at BOK Financial.
Prices were supported by a sharper-than-expected decline in US crude inventories last week, the second consecutive week in which they have declined. Gasoline and distillate inventories also declined, indicating higher demand .
However, the gains were curtailed by US labor market data, which indicated a slowdown in economic growth, as well as slower-than-expected growth in the services sector in the United States.
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